Google Ventures backs On Deck’s Series D round


money dollar lend borrowGoogle’s venture capital arm has participated in a $17m expansion of lender On Deck’s Series D round along with PayPal co-founder Peter Thiel and venture capital firm Industry Ventures.

The latest round takes the total Series D capital raised by the business to $59m.

The previous fundraising, which was closed in February this year, was backed by Institutional Venture Partners, RRE Ventures, SAP Ventures and First Round Capital.

On Deck will use the funds to support further growth and product development.

The company has so far provided $450m in loans to Main Street businesses. It uses big data generated by payment processing, online banking and social networks to assess a company’s operations to make loan decisions.

Google Ventures general partner Karim Faris said, “On Deck has found an efficient way to connect millions of small businesses around the country with the working capital they need to grow their companies.

“We invested in On Deck because we believe in the team’s game-changing vision, strong talent and disruptive technology.”

Google Ventures has recently teamed up with Andreessen Horowitz and Kleiner Perkins Caufield & Byers to support entrepreneurs developing applications and hardware for Google Glass.

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